News

ATO, Regulation, SMSF

ATO bans more SMSF trustees

ATO SMSF trustee disqualification

The ATO has taken action against a further 223 trustees, bringing the total number of disqualified trustees close to 600 for 2023.

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ETFs, Investments

Betashares adds geared bond funds

Betashares geared funds Australian government US Treasury bonds

Betashares has released four funds allowing investors to manage their interest rate risk and speculate on the future of Australian and US government bond prices.

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financial advice, Financial Planning

Govt to create new advice class

Quality of Advice Review QAR financial advice qualified advisers Stephen Jones Angus Taylor

In an effort to meet the need for financial advice, the government will allow financial institutions to provide it through in-house advisers with lower education standards than those in the current advice regime.

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financial advice, Legislation

Mixed reception to govt advice plan

Quality of advice review Qualified advisers financial advice Stephen Jones

The industry has praised the government for proposing to implement outstanding QAR recommendations, although there are concerns about the quality of the advice that may be provided.

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Auditing, financial advice, Residential Property

No special action for related-party leases

SMSF residential property related party lease rental agreement

Rental arrangements for SMSF properties involving related parties need not be managed any differently to commercial lease agreements.

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Administration, ATO, SMSF, SMSFA

Rollover delinking process extended

ATO SuperStream SMSF rollover wind up Client-to-agent linking service

The ATO has revised its protocols regarding the agent-to-client linking service for SMSFs, adding an extended window for practitioners and trustees to delink in the event of a rollover.

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Contributions

Remind clients of deduction timing

personal superannuation contributions tax deduction notice of intent to claim

SMSF advisers should not leave the work of reminding clients about when to claim a contribution tax deduction to a tax agent given they were involved in creating the strategy.

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Auditing, Property

Valuation guidelines misunderstood

SMSF property comparable valuations auditor

Certain ATO valuation guidelines for SMSF properties are not properly understood by trustees, subsequently resulting in significant angst.

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financial advice, Legislation, Retirement, SMSF

SMSF advice requirement unnecessary

SMSF Retirement Income Covenant Financial advice advisers

A recent proposal to extend the Retirement Income Covenant provisions to SMSFs is unlikely to adequately meet the current financial advice needs of trustees.

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Estate Planning, Legislation, Regulation

EPOA system needs national rules

Enduring power of attorney EPOA elder abuse Estate planning FAAA

The use of enduring powers of attorney needs to be standardised across the country to prevent elder abuse and ensure attorneys are fit and proper persons.

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